VFEX-Listed mineral group, Caledonia Mining Corporation upped its gold production by 20 percent during second quarter (Q2) to June against comparable period last year to keep in line with its 2022 target of 73 000-80 000 ounces.
The group operates Blanket Mine in Gwanda.
The company produced 20 091 ounces for the quarter compared to 16 710 ounces in Q2 2021.
Gold produced for the first half of 2022 was 38,606 ounces, approximately 29 per cent more than the 29,907 ounces produced in the first half of 2021.
“Production in the first half of 2022 was excellent and exceeded our expectations. Production excludes an estimate of approximately 1,500 ounces of recoverable gold included in an ore stockpile which will be processed after the commissioning of additional milling capacity in the next few weeks. “We have now achieved our quarterly target of 20,000 ounces and are on track to hit our annual production target of between 73,000 – 80,000 ounces of gold,” said group Chief Operating Officer, Dana Roets.
The positive performance was anchored on the completion of the Central Shaft which was commissioned early this year and propped up production.
The group spent approximately US$67 million in the past six years to set it up and it all funded through internal cash flow.
The company declared a quarterly dividend of 14 United States cents (US$0.14) on each of the Company’s shares.
